VIC First Melbourne Investment Property

Hi Guys,

I am looking for my first investment property, I have been looking at Frankston/Skye/Carrum Downs for awhile now and seemingly prices are just rising and rising and I am never offering enough to secure a property.
Most recently on Saturday I offered 511k on a property in Carrum Downs that ended up going for 527k that was listed for 5 days with no open house ever being held.

I am looking to spend between 450-515 ish + stamp duty and I am thinking I should now branch out from this area
( My ideal property would be a 3bed+ 2bath+ with land somewhere above 500 )

Is anyone able to recommend any areas for me to set my sights and do some research, my goals are more focused around capital growth rather than immediate yield.

Any advice or thoughts would absolutely be appreciated, I am a long time lurker here but only just decided to make an account after yet another upsetting weekend.

Thank you

 

I would recommend you to have a look into Officer suburb, South East from the Melbourne CBD. The annual Growth is 20.4% which is second best after Glen Waverley 46.6% ( Investment Property & Suburb Performance Data). Lands price are reasonable and affordable. Do some research for yourself and if you have any doubt, send me a message. I have a list of lands will be titled by the end of this year and early next year in Officer.

Cheers mate,
Robert

 

Hi,

Have you had a look at this thread?

Where to buy with $400K

Upsetting weekends at auctions are all part and parcel (pardon the pun of buying in this market.

 

looking at that graph it is no.1 in Victoria for houses

looks like @sash picked a winner again (that's why I read and listen to experience posters with logical and plausible theories) rather than "boom inevitable" comments with minimal logic why it would occur (after 2 years of reading comments)

 

Yeah...it is crazy...Officer is ridiculous now...would not be recommend now....

However....Werribee and surrounds and Melton will be next as affordability cuts in in the far SE!

 

By the time it reaches the mass media/on the news it's too late..

 

yes i agree

 

Is the abundance of land a concern for Melton? Seems to be quite a lot of development in every direction surrounding it.

Also seems to be quite a lot of rental competition there which makes me slightly nervous, but thank you for the advice

Im currently doing a bit of research on Melton and surrounding areas in addition to Officer (although again I think its similar in the sense that there is no shortage of land near it)

 

So why do you think land is going up then?

 

Pearcedale and Clyde North are worth a look.

 

Nothing left in Clyde north at affordable prices, its the same as officer if not worse